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These are all done for tax benefit and it's not a wrong thing to do. All the big companies do this to reduce the tax on income.
It could happen unexpected the way audit news came up. Most of the negative sooth sayer's would get caught with their pants down.
Why no trading today. Any news could be expected shortly? Wondering.
I agree hundred percent.
I don't that it could happen. This has the potential to go up within the next two weeks.
What is the short term potential this stock should have? Your guestimate should be good to me. I am thinking of adding more to my holdings. I feel the current price wont stay at this level too long. What is your opinion?
Between 5 to 6 attainable in my opinion.
With anticipated revenue increase this year this should be trading now around 10 to 15 cents very much under valued stock at the moment, it should move higher in the next few weeks in IMHO.
Not .03 again you mean .30 right?
Raybock, you have spoken on behalf of all the longs. You have done a great job in writing to Roger and make him to be aware of the distress we are in after investing all our life saving money. We too are disappointed the way the stock price is tanking. Roger has to do something soon and quick to reassure that our investments are protected.
What I was trying to say is, even if it takes that long to finish the audit I can wait patiently. I know what this company is worth in next few years. I am a long and can wait to see what they are trying to achieve in the neat future. Can you tell me a single pink sheet trading company making revenue in the last few quarters in a row. Audit is important for them to move to a higher exchange but the revenue they are making itself can move the share price to a higher level in short time. Forget about the audit. I know what this company is worth and have no problem in waiting longer. I am not looking for quick money and move out I am here to stay long and make good money. I have the patient and will to stay long.
Bar Chart is only good for day traders for others useless and garbage. Don't make judgement based on their chart. AMFE is GOLD watch for the upcoming news release this will explode very soon I have no problem in waiting even if it takes months or years to release the audit report. Meanwhile as we speak their revenue is increasing and making money for the shareholders. This will be a dollar stock very soon.
Big run will be over .50 IMHO
I think it's good. Not many people wants to sell their shares anticipating some good news anytime soon. All the longs have increased their holdings by accumulating at this cheap price and they know what this is worth in the next few days, weeks or months but for sure this would take off when the audit is put out and moved to a higher exchange. I feel a dollar is attainable when this happens.
It look shaking the tree is over. All those you sold today have lost patience and had made a great mistake in selling their shares in a panic. These people are going to be sad when the news comes out anytime soon. Nothing wrong with the company or the business they are in. Only little delay in filing the audit report. Most of the people here had a high expectation thinking news will be out this morning, in the absence of it started to dump their shares. This is the most ridiculous thing I have ever seen. This company has all the irons in place only matter of time.
This is the week we were looking for. From here on wards blue sky for AMFE. Amfil is long and strong.
With faith if you pray it can make impossible to possible. In circumstance where everything seems difficult or impossible the prayers can do wonders and hope pinch one will get well miraculously soon. Do not give up hope in GOD. Nothing is impossible to him.
Barchart is garbage no point in talking or believing it in my opinion
An excellent post, well done Plowmater AMFE will surprise lot of people playing games here to grab cheap shares. This is going to change soon.
You believe in barchart??? Barchart is a joke.
When is the first quarter out do you know?
This may close above .12 watch.
Roger may even file the audit report at close today. I wont be surprised if that happen. All the shakes are going to be losers in today even. It's only mater of times to see this zoom up in it's glory.
Because there is nothing to criticize. Company is doing their best to enhance the shareholdersโ value be patient and everything you desire will happen before you realize. Only matter of times. Please tell this to everyone who dare to question the integrity of the company or its CEO. We are on the correct path.
Here we go.
Letter to Shareholders
April 29, 2018
Re: Audit Update
Dear Shareholders,
Apologies for the delayed update. It has been an extremely busy time here as I am sure most can imagine.
The company originally decided to embark on the voluntary audit process in August of last year, with the intent to increase shareholder value by providing increased transparency into our financials which would ultimately attract more retail and institutional investment into the company to further fuel our success. We then planned a subsequent spinoff and dividend back to our shareholders, to provide a further return on their investment in appreciation of their ongoing support through the exciting growth period the company has continued on for the past couple years.
None of these plans have changed.
Granted, there has been some delays, miscommunications (unintentional), and much more back-and-forth between the company and the auditors than originally anticipated due to the complexity of the file having so many various aspects and moving parts along with this being the first audit done with RBSM and going back a number of years.
Further, Iโve personally had plenty off โegg on my faceโ by relaying info as I received it, and the timelines and completion dates not being met. For this I take full responsibility.
The audit has indeed been an arduous journey. After the first timeline had to be extended and resultantly extended again it evolved into a damned if you do, damned if you donโt scenario when providing updates on progress. We tried to keep providing the extended timelines we were being told, which in some instances upset a portion of shareholders, and then we tried saying that the audit will be done when its done and we didnโt want to keep updating timelines and having them wrong, upsetting this portion of shareholders even more. Then we realized this approach was also upsetting to another portion of shareholders who welcomed the updates because they at least knew the audit was still in progress and being worked on, with an eventual end in sight. So, I once again relayed what was being told to us as I always felt the most transparent approach is the best, whether the timelines were ultimately met or not.
In hindsight this whole process created an overall โlet down effectโ as each time we were given the new deadline, we truly believed it was going to be met, and therefore no reason not to pass on the information. If it could have been done differently I would have preferred to say nothing about the process the entire way through and just file once completed, however I am sure there is still a large portion of shareholders that would still prefer to know what we are hearing as opposed to being left in the dark on what occurs behind the scenes. Unfortunately, there is no way to please all when we are found in a situation of continued extended deadlines and how information is being relayed. Ultimately, I chose the path of complete openness and transparency regarding the process. This is why I am providing a more detailed update tonight, as being silent on the topic appears to cause the creation of wild theories in the minds of some as to why there are the delays. (I.E. โa major underlying problem to the statement which is causing the delaysโ - which is absolutely NOT the case.)
As previously mentioned, the audit itself is done. We are finished the process of going through supporting documentation and getting confirmations and running through the background of the financial statements. The statements themselves are not changing and have not been changed to any meaningful degree. To get to that point took many months of back and forth and what originally ended up extending the deadline.
The recent delay has been the footnotes, disclosures and wording of the document. This is the last item that is being worked on and when this is exactly how the auditors want it to read, is when this process will be complete and ready to file. This may seem like a simple process, but the truth of the matter is that it is not. There are many ways to word the same footnote, however RBSM is very meticulous with every detail, which I understand and can appreciate, however if it is not exactly how they want it to read then it gets sent back for adjustments. Auditors are not allowed to simply tell you how to make the adjustments or even in some cases which sections require adjustment, only that adjustments are required. PCAOB standards are forever evolving and in order to save time and cost we were originally using a lot of the formatting and layouts from the last company audit in order to attempt to fast track through the wording and get to completion.
Since we kept winding closer and closer to completion, we figured that everything was fine and to continue with this approach as appeared the next date would be met, and finally put this behind us and move forward. When Thursday came around last week and there was yet more adjustments needed to the wording, we figured enough was enough. We decided that to just get this done we would have another set of eyes look at it to polish it up, make it perfect to what RBSM wants to see versus any other style or format and get this done for good or who knows how long this may end up dragging out โone more weekโ for. It felt like we were in an infinite loop of โone more week because of adjustmentsโ.
At the end of the day Thursday, I reached out to a company that was highly recommended to us called the CFO Squad. They immediately jumped on the file and one of the lead members conducting the โpolishing upโ of the statements is a gentleman who worked for RBSM and more specifically, was trained by and worked under our lead auditor at RBSM for ten years. This person knows exactly what is needed to make the final few adjustments to have it look exactly how RBSM wants it to look and read in order to have the process completed. They assured us that by Tuesday or Wednesday of this week they would be done making these adjustments. It then goes back to RBSM which should be for the final time and then upon approval we can finally submit the completed audit, put this to rest, and continue moving forward. As for the missed deadlines and dates we were originally provided and the resultant egg on face that occurred, we feel that we have now gotten down to the bottom of the constant back and forth regarding the wording and that this one time โpolish upโ will provide the required finishing touches for submission.
These type of updates, as I am sure can be gathered, are not fun to write. However, this is the exact situation as it stands today. We are confident that by having the CFO Squad put the final touches on and polish up our wording throughout the document, we can finally safely say that this will be filed once they have completed their proof read / look through in the coming days.
The company as well as myself as CEO, will remain committed to the shareholders and over the coming weeks and months I hope we will all be able to once again focus on all of the positives that the company continues to achieve, as the delays with this one item have certainly clouded and taken away from what the company is accomplishing and executing on. It is now time to move forward. I could not ask for better management, employees and shareholders to continue our mission to grow and exceed expectations. Having the CFO Squad put the final touches on the audit so that we can get this submitted and put behind us will pave the way for the shift in focus back to what really matters in my eyes, the company and its future, not the auditing of last years numbers. This process only happens once, moving forward 99% of the legwork will have been completed in this audit in terms of all the written portion, which makes up the vast majority of the document to be filed. As a company, we have also learned a lot as a result of this delay and have taken measures to ensure we donโt run into delays with regards to future financials. We are right here at the finish line, we just needed that final push. The CFO Squad will continue to be retained throughout future audits to ensure a seamless and speedy execution and completion moving forward preventing any delays.
These are historic days for Amfil Technologies Inc. and we all look forward to providing the best possible results as we can for shareholders and the company. We will undoubtedly have additional hurdles to contend with in the future and we believe in the end we will prevail. We will continue to do our best to refine our strategies moving forward as to prevent us from encountering delays such as these that have caused distraction from what the company has and continues to accomplish.
We thank all of our shareholders for being a part of our company, and we are all very excited with what is going on and what is developing for the future. The same way we moved past the delays of our third location, โMidtownโ in Toronto, ON opening, we now will do the same with the audit in the coming days. We are happy to report that the company has many moves being made that should benefit all shareholders in a positive way with our overall goals of listing on a major exchange now that much closer. Expect updates on all subsidiary fronts in the near future. We appreciate everyoneโs support very much and look forward to making up for the extended audit process in a more than stellar fashion once completed. Thanks again for being part of the company and cheers to some exciting times ahead!
Sincerely,
Roger Mortimer | CEO & President
Amfil Technologies Inc..
Well said. AMFE will move fast once every thing falls in place. Next week is the beginning we have been waiting for all these time. Good luck to all longs in Amfil.
Are you serious? just a couple of thousands is not a big deal. Wait until it moves to higher exchange you cant even go near.
What can he say to you other than what he has already mentioned in his tweet of last night. Best thing one can do now is to patiently wait for the news release and listing in an higher exchange all this could happen in a short time.
This is the latest tweet from the company
Amfil Technologies? @AmfilTech · 2h2 hours ago
Great news we are going to explode when this happens by the end of this week.
Tweets Tweets, current page.
Tweets & replies
Media
Amfil Technologies? @AmfilTech · 2h2 hours ago
More
Received an email from the auditors today informing us that the audit will be completed and ready for filing by the end of this week.
Wow how do you know that?? Are an insider wondering!!
Better buy now I can see some change to the pattern of trading today.
Roger is not in charge of audit report and filing the financials. This was done by a audit firm. If they delay it's not his fault. His twits based on their promises. Never mind little delay is not the end of the word as some people here try to imply. It will be out soon and the uplist will take place when it's ready. I have no problem with it. Roger is a very trust worth person, at least he lets the share holders know what is happening. He is not hiding anything from us. That shows his professionalism and honesty.
To make you rich.
Not true, corrections are up word not down words
Read the last tweet posted by AMFE you will change your mind. It's almost done
Amfil Technologies? @AmfilTech · 2h2 hours ago
We almost made it for the audit submission this afternoon. We are disappointed we can't say it is filed just yet but it was a 50/50 right up until this afternoon, that's how close we are. It'll be out soon. Couple more minor adjustments and that should seal the deal.
To me delaying the audit and other issues are good. Trump's blood bath has not stopped yet, it's better to wait until the market gets back to normal. In that respect Roger is smart and brilliant I would say.
Good luck Mike you may reach your target sooner than what you think.